Views around how businesses can work most effectively have increasingly incorporated the idea of more collaboration among market participants, as well as given rise to quasi-Teutonic word creation of “coopetition” to describe the situational engagement of firms. Beginning from this premise, the author outlines how symbiosis has been an effective strategy for fintech firms growing the Canadian Financial Institution flowerbed.
As Canada sees an upsurge in fintech companies, the financial institutions that are the most nimble and innovative will be the ones to help fintech companies bring their solutions to market. Fintech companies’ solid technology expertise paired with an established financial institution’s deep payments expertise will continue to satiate Canadians with the alternative financial solutions they so desire.
Mercator Advisory Group largely concurs with the conclusions put forth, and recognizes the application of similar strategies have proven effective between “Old Guard” FIs and the up-and-comers in other developed and developing national economies. Consumers will increasingly turn to their trusted financial institutions to evaluate and approve viable payment and personal financial management innovations as they come to market. The main pitfall exists for those firms on either side of the divide that do not recognize that they are operating in a wider ecosystem.
Overview by Joseph Walent, Senior Analyst, Emerging Technologies at Mercator Advisory Group
Read the full story here
